Final answer:
The claim that financial planning models are non-mathematical is false; they often use mathematical functions to represent economic relationships, such as budget items or functions describing social connections.
Step-by-step explanation:
The statement that financial planning models are non-mathematical, abstract representations of the relationships among operating activities, financing activities, and other factors that affect the master budget is false. In reality, financial planning models often incorporate mathematical relationships to express economic variables and scenarios. For instance, a simple budget model might express the total budget as the sum of money spent on different items, such as money_spent_on_econ_books plus money_spent_on_music, assuming these are the only expenditures.
Economic models, including parts that pertain to financial planning, typically employ mathematical functions to define and describe relationships. An example of a function in economic modeling might be expressing your total Friends as the sum of individual names like Bob, Shawn, and Margaret. Thus, these models are meant to provide guides to understanding, using bounded scenarios and assumptions for simplicity, and indeed use mathematics to represent relationships.